Upstart By Edigital Marketing Solutions Edigital-Marketing-Solutions

Social Media Marketing does more than just improving site traffic, so what are 6 main benefits? Dive Deeper in the Digital business growth through auditing 6 M Method! 



#socialmediamarketing #digitalmarketing #socialmedia #marketing #branding #business #marketingdigital #seo #onlinemarketing #contentmarketing #instagram #marketingstrategy #entrepreneur #like #advertising #marketingtips #graphicdesign #socialmediamanager #design #smallbusiness #digitalmarketingagency #webdesign #socialmediatips #digital #follow #love #socialmediamanagement #marketingagency #socialmediastrategy

The Narendra Modi government two months ago announced the ‘Atmanirbhar’ stimulus package to reboot  India’s micro, small and medium enterprises (MSMEs) sector, which was recently reclassified on the basis of turnover and investment.

With effect from July 1, 2020 as per the Latest Redefination, a micro enterprise is reclassified as one in which the plant and machinery investment does not exceed one crore rupees and turnover does not exceed five crore, a small enterprise would be that in which investment shouldn’t  exceed ten crore with turnover up to fifty crore and in a medium enterprise the investment shouldn’t exceed Rs 50 crore with turnover at Rs 250 crore.

Announcing this on May 13, Union finance minister Nirmala Sitharaman stated that this new classification was being made under the ‘Atmanirbhar Bharat Abhiyaan’ Economic Package to assuage India’s economic predicament amidst the pandemic. Under this ‘abhiyan’ (scheme) the government has decided to provide Rs 3 lakh crores in collateral-free automatic loans to MSMEs aimed at providing additional working capital to existing customers of banks and NBFCs. Additionally, on July 2, 2020 World Bank announced a US $750 million budget support to 15 crore MSMEs to increase liquidity access for viable small businesses impacted by COVID-19.

The ‘Atmanirbhar Bharat Abhiyaan’ is being hailed as major fiscal policy and relief measure package to assuage India’s economic predicament amidst the pandemic with specific emphasis on MSME revival. But how far can this reclassification resuscitate the Indian economy which is barely recovering from the effects of the COVID-19 pandemic and has now been hit by the effect of a ban on Chinese products? Will these measures decrease the stress in the MSME sector?

Employing over 11 crore workers MSMEs contribute 29% of India’s GDP and comprise almost half of its exports. While there are about 90.19 lakh registered MSMEs, there may be actually more than 6.33% MSME's out of which 6.30% crore or 99.4% are micro-enterprises while 0.52% — 3.31 lakh are medium and 0.007% — 5,000 are medium enterprises. Despite holding 48% share in India’s exports, the significance of MSMEs in creating sufficient opportunities or employment for the country’s teeming millions has always occupied a secondary status.